TORONTO – The Toronto stock market appeared set to follow overseas markets higher Wednesday as investors await a Bank of Canada announcement on interest rates and anticipate a speech on jobs by the U.S. president.

In Europe, and early on Wall Street, investor sentiment was buoyed by a German court decision backing the country’s participation in European bailouts.

Though the German court said the government has to consult lawmakers in future bailouts, the decision has helped remove one potential hurdle standing in the way of a comprehensive solution to Europe’s debt crisis.

In Canada, traders are awaiting Bank of Canada governor Mark Carney’s latest announcement, in which he is expected to leave the interest rate on hold at a low one per cent and warn of headwinds in the global economy.

The loonie added 0.19 of a cent to 101.21 cents US as oil and copper prices also made gains.

The October oil contract added US$1.11 to $87.13 a barrel in electronic trading on the New York Mercantile Exchange. Gold futures fell US$34.70 to $1,838.60 per ounce, while copper prices for December delivery gained five cents to US$4.10 per pound.

Investors will also receive reports Wednesday on U.S. job openings in June and a snapshot of business conditions around the nations.

Focus will then turn to a speech by President Barack Obama Thursday night, in which he is expected to announce more stimulus for job creation in the country that is struggling with an unemployment rate above nine per cent.

Reports indicate the size of the package could total US$300 billion.

Concerns over the state of the U.S. economy have combined with fears over Europe’s debt crisis over the past month to send financial markets spinning.

Newsflow connected to either will likely dominate markets for some time to come.

Investors will closely watch the European Central Bank’s monthly interest rate decision and the subsequent press conference from its president Jean-Claude Trichet.

In Europe, Germany’s DAX was up 2.9 per cent while France’s CAC-40 rose 2.3 per cent. Britain’s FTSE 100 index was 1.8 per cent higher.

In Canadian corporate news, grain handler Viterra Inc. (TSX:VT) says its third-quarter net earnings nearly doubled to $123.3 million, or 33 cents per share, an increase from $63.5 million, or 17 cents per share, a year ago. Sales rose 43 per cent to $3.55 billion from $2.49 billion.

Mosaid Technologies Inc. (TSX:MSD) says its board is formally rejecting the unsolicited $480-million takeover offer from Wi-LAN Inc. (TSX:WIN), another patent licensing firm based in Ottawa. The board says the offer of $38 per share in cash is too low and doesn’t reflect the value of Mosaid’s future prospects.